Korean firm Hanwha has been selected ahead of Germany’s Rheinmetall for a multi-billion dollar contract to build 129 Redback armoured vehicles.
, in a major boost to ties with one of Asia’s economic and democratic powerhouses.
However, the contract is not as lucrative as initially promised after the number of vehicles to be built was slashed from 450, a casualty of the Defence Strategic Review. The contract will underpin defence ties with South Korea, as Australia looks to strengthen relationships with regional partners at a time of rising tensions with China. It also softens the government’s recent decision to halve the number of self-propelled howitzers it will buy from Hanwha.The deal is a boost for Geelong’s economy, where Hanwha is building a new factory near Avalon airport to assemble armoured vehicles in Australia.
The total cost of the project had ballooned from $18 billion to $27 billion before the project was cut back in April.
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